Nifty Entering Major Resistance Zone, Traders Should Remain Cautious
Last Trading Session: Indian Stock Market opened gap positive as predicted. EquityPandit predicted that market is ready to see new record highs and next logical target for Nifty is at 9880 and exactly same happened. Indian Stock Market moved sharply positive achieving EquityPandit’s predicted targets of 9880 levels. Nifty and Sensex saw new record highs as predicted. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in positive zone. Nifty is still in positive momentum but near its strong psychological resistance levels of 9900-10000. Though next target for Nifty is at 9915-9950 but profit booking can’t be ruled out once Nifty enters its major resistance zone. As Nifty is entering its resistance zone of 9900-10000, we are already witnessing selling pressure in more number of stocks. Its pretty sure that Nifty would not breach this resistance zone very easily. So, traders should remain cautious at this point of time. Market would see reversal only if it closes below 9807 levels for Nifty and 23634 levels for BankNifty and until then bulls would have a higher hand but would struggle in the resistance zone of 9900-10000 as bears would try hard to break the positive momentum. TCS reported below estimate results yesterday. Infosys would disclose its quarterly earning today and it would affect Indian Stock Market direction for the day.
FIIs were net sellers of Rs.59.15 crores whereas DIIs were net buyers of Rs.279.13 crores in cash market for last trading session. Nifty would see strong support at 9850-9807-9778 whereas strong resistance would be seen at 9905-9918-9950-9970 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results To Be Disclosed Today: Infosys.
NSE Nifty: (9816) The support for the Nifty is 9850-9807-9778 and the resistance to the up move is at 9905-9918-9950-9970 levels.
NSE BankNifty: (23889) The support for BankNifty is at 23800-23740-23660-23500 and the resistance to the up move is at 23965-24090-24180-24270 levels.
BSE Sensex: (32037) The support for the Sensex is at 31940-31880-31718-31660 and the resistance to the up move is at 32088-32110-32180-32240 levels.
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